home equity loan calculation
Monday, April 26th, 2010Can someone help me with this loan question?
Rico needs approximatly $2,500 to buy a new computer. a 2yr unsecured loan through the credit union is avaliable for 12% interest. the current rate on his revolving home equity line is 8.75%, although he is reluctant to use it. Rico is in the 15% federal tax bracket and 5.75% state tax bracket. which loan should he choose? why? regardless of the loan chosen, rico wants to pay the loan in 24 months. calculate the payments for him, assuming both loans use the simple interest calculation method.
Your question is bit difficult to answer, still i suggest you to go through given below URL to find full information on home equity line of credit and its advantages. Evan on same site you will find calculator where you can calculate the amount of your loan and monthly payment.
HELOC : http://www.loansstore.com/home-equity-line-of-credit/
Refinance calculator : http://www.loansstore.com/mortgage-refinance-loans/refinance-calculator.php
How to get a home equity loan